With a series of price increases in the first quarter, US LER prices have reached record highs on a sustained basis, surpassing the levels of 2008 when crude oil skyrocketed to nearly $150/bbl.

Buyers said they are cautiously optimistic that the full April increases will not hold, because supply appears to have loosened.

A producer said the announced increases were needed to recover higher raw material costs, but the nominations did not take into account large increases nominated for feedstock propyleneApril contract prices.

However, contract prices for benzene, another important LER feedstock, fell by nearly 12% in April.

With April increases pending, US LER deliveries to mid-volume customers were at $1.69-1.77/lb DEL ($3,726-3,902/tonne, €2,608-2,731/tonne), as assessed by ICIS.